Representatives from Beijing met with their US counterparts in Washington to try to make headway on an ongoing clash between the two economic giants.

The talks came as the US slapped 25 percent tariffs on $16 billion more in Chinese goods, prompting retaliatory levies from Beijing.

“Every time you talk about tariffs, it’s not good for equities,” said Mike Mattioli, portfolio manager at Manulife Asset Management.

Trump, meanwhile, told an interviewer on Fox that his impeachment would “crash” the stock market. The comments came amid rising speculation of impeachment after Trump’s former campaign manager was convicted Tuesday and his ex-lawyer pleaded guilty to criminal charges.

Stocks of US companies with significant China operations were under pressure, including Boeing, down 0.8 percent, Caterpillar, down 2.0 percent and Deere & Company, down 1.0 percent.